Ordinance 656-80 - Laserfiche WebLink

All Warrants maturing in a single year may, at the option of the City, be combined and issued as a single warrant. Both principal of and interest on the Warrants shall be pay- able in lawful money of the United States of America at the office of the City Treasurer in Everett, Washington, and shall be obliga- tions only of the Warrant Fund. The Warrants shall mature December 2 in years and amounts as follows: Maturity Year Principal Amount 1980 $ 29, 089. 47 1981 31, 000 . 00 1982 33, 000. 00 1983 35, 000. 00 Warrants may be called for redemption and payment, on the first day of any month after November, 1980, in order of their number, at any time when there are on deposit in the Warrant Fund monies sufficient to so redeem any outstanding Warrant or Warrants , plus accrued interest thereon to the date of redemption. Notice of such intended redemption shall be given in writing to the original purchaser of the Warrant or Warrants to be redeemed at least thirty (30) days in advance of the scheduled time of such intended redemption. Interest on any Warrant so redeemed shall cease on such redemption date unless the Warrant is not redeemed upon presentation made pursuant to such call. SECTION IV All proceeds of sale of Warrants shall be paid into the Project Fund and expended to pay and redeem the outstanding warrants drawn on such fund and to pay the costs of the Project. SECTION V There is hereby created a special fund of the City be be known as the "Golf Course Revenue Warrant Fund (Fund No. 223) " (herein- after defined as the "Warrant Fund") , which fund is to be drawn upon for the sole purpose of paying the principal of and interest on the Warrants. -3-